Q1: The basic Exemption limit for a female below the age of 60 years for the assessment year 2013-14 is
(C) Rs.2,00,000 [Ans]
Q2: Under Rule 7A of the Income Tax Rules, the following % age of income from manufacture of Rubber shall be deemed to be business income and liable to tax
(C) 35% [Ans]
Q3: Interest is payable to assessee on Refund under Tax Act 1961 at the rate of
(B) 6% [Ans]
Q4: The maximum penalty leviable for failure to keep or maintain books of account or document as required u/s. 44AA of the Income tax Act 1961 is
(A) Rs.25,000 [Ans]
Q5: Tax on non- monetary benefit paid by the employer is
(A) Fully taxable
(B) Taxable to the extent of 50%
(C) Taxable to the extent of 60%
(D) Fully exempted from Tax [Ans]
Q6: Mr. A gifted jewellery worth Rs.5 lakhs to his wife Mrs. A on 12th April 2012. Mrs. A in turn gifted the said jewellery to Mrs. B, the wife of their son Mr. B on 25th May 2012. The value of the jewellery as on 31st March 2013 is includible in the net wealth of
(A) Mr. A [Ans]
(B) Mrs. A
(C) Mrs. B
(D) Mr. B
Q7: The maximum amount of deduction from Gross Total Income available to an individual for interest on savings bank deposit is
(C) Rs.10,000 [Ans]
Q8: Loss from activity of outstanding and maintaining race horses can be carried forward for: (Assessment years)
(A) 4 [Ans]
Q9: Annual value of house property if not let out is taken as ____________
Q10: No tax is deductible if the amount of rent credited or paid during the financial year does not exceed rupees _____________ u/s. 194 I of the Income tax Act 1961.
Q11: When entire net consideration has been invested by an individual towards subscription of shares of an eligible company the exemption u/s. 54GB of the Income Tax Act 1961 would be
(B) 10% of capital gain
(C) 50% of capital gain
(D) 100% of capital gain [Ans]
Q12: Amount received towards share application money when not properly explained it is
(A) Taxable u/s. 68 [Ans]
(B) exempt u/s. 10
(C) fully taxable but deduction at 50% u/s. 57(iii) is allowable
(D) None of the above
Q13: Book profit u/s.115 JB of a domestic company was Rs.50 lakhs. The tax liability of the company for the assessment year 2013-14 would be
(A) 18.54% including cess
(B) 19.055% including cess [Ans]
(C) 20% including cess surcharge at 5%
(D) 19.431% including cess and surcharge at 2%
Fill up the blanks :
Q1: Any sum paid to an approved university, college or other institutions u/s. 35 (1) (iii) of the income Tax Act 1961 the allowable deduction is ____________ (100%/125%)
Q2: Interest payable to a partner by a firm shall not exceed ____________ (18% / 12%) per annum.
Q3: An assessee ____________ (can/cannot) spread over the arrears of rent over the past several years.
Q4: Chapter VI–A deduction ____________ (shall/shall not) be allowed in respect of income from short term capital gain.
Q5: Dividend receives by an Indian Company on shares of Foreign company is ____________ (taxable/exempted)
Q6: Salary received by Mr. P a foreign national and a non resident out- side India for services rendered in India for 150 days is ____________ (chargeable/not chargeable) to tax in India.
Q7: Deduction for provision for bad and doubtful debts made by a public financial institution is allowed upto ____________% of total income before allowing such deduction under chapter VIA.
Q8: Z Ltd. awarded three contracts for repair work of Rs.22,000, Rs.23,000 and Rs.30,000 respectively to L Ltd. in the year 2012-13. Z Ltd. is ____________ (required/not required) to deduct tax at source section 194C of the Income Tax Act 1961.
Ans: Not Required
Q9: In case of slum sale of any undertaking indexation benefit is ____________ (allowed/ not allowed) for the purpose of computation of capital gain.
Ans: Not allowed
Q10: Annual value of any one palace in the occupation of a former ruler is ____________
Q11: A charitable trust must apply atleast ____________ percent of its income towards its objects.
Q12: The time limit for issue of notice to assess the income in relation to assets located outside India for reassessment purposes is ____________ years from the end of the relevant assessment year.